Free Real Estate Financial Models and Excel Templates
Institutional-grade real estate financial models for CRE firms, developers and investors: equity waterfalls, JV waterfalls and a multifamily underwriting model. Working Excel files with live formulas, free to download.
4-Tier IRR GP Catch-Up Waterfall
Four-tier IRR waterfall with a full GP catch-up tier, from return of capital through promote.
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4-Tier IRR Pari Passu Waterfall
Four-tier IRR waterfall with pari passu distributions and no GP catch-up tier.
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4-Tier IRR GP Catch-Up Waterfall with JV Split
Four-tier IRR waterfall with a full GP catch-up tier and a GP and Co-GP split inside the JV entity.
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4-Tier IRR Pari Passu Waterfall with JV Split
Four-tier IRR waterfall with a pari passu preferred return and a GP and Co-GP split inside the JV entity.
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5-Tier IRR-EM Hybrid Waterfall
Five tiers gated on both IRR hurdles and equity multiple thresholds.
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Multifamily Underwriting Model
Screens a multifamily acquisition from the T12 and unit mix through financing, a two-tier waterfall and returns by party.
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Which Real Estate Waterfall Model Do You Need?
Every equity waterfall model in the library distributes a deal's cash flow between the limited partner and the general partner. The right one depends on how your operating agreement pays the GP.
Promote Only Above Each Hurdle
No catch-up tier.
Pari passu equity waterfallGP Catch-Up After the Preferred Return
GP is brought up to its full share of profit.
GP catch-up equity waterfallHurdles on IRR and Equity Multiple
Promote only when both tests clear.
IRR and equity multiple waterfallTwo Partners on the GP Side, No Catch-Up
GP and Co-GP split of equity and promote.
JV waterfall, pari passuTwo Partners on the GP Side, with Catch-Up
GP and Co-GP split after a full catch-up.
JV waterfall with GP catch-upScreening an Apartment Acquisition
T12 and unit mix through financing and returns.
Multifamily underwriting modelQuestions
Frequently Asked Questions
What is an equity waterfall in real estate?
An equity waterfall, or distribution waterfall, is the set of rules in a real estate partnership that decides the order and proportions in which cash flow and sale proceeds are paid to the limited partners and the general partner. It usually returns capital first, then pays a preferred return, then splits remaining profit at promote percentages that increase as the deal clears return hurdles.
What is a preferred return?
A preferred return is the annual return, often 6 to 10 percent, that investors must receive on their capital before the general partner earns any promote. It can accrue and compound if cash flow falls short.
What is a GP promote?
The promote, or carried interest, is the general partner's share of profit above its pro rata equity share. It rewards the GP for sourcing and executing the deal and usually steps up as the deal clears higher IRR or equity multiple hurdles.
Are these real estate financial models really free?
Yes. Every model is a working Excel template with live formulas. Enter your name and email on the model's page and the file downloads.
Can Reina Property Group build a custom model for our deal?
Yes. RPG's investment team builds acquisition, development and waterfall models for CRE firms, matched to the deal's business plan and operating agreement.
Custom models
Need a Model Built for Your Deal?
Templates cover standard structures. For a model matched to your business plan and documents, Reina Property Group's investment team builds acquisition, development and waterfall models for CRE firms. See our real estate financial modeling services and acquisition underwriting, or capital raising advisory if you are raising equity or debt for the deal.